“That is correct. The Mortgage Interest Loophole (as Rush calls it) doesn’t affect the bottom half of taxpayer, since the standard deduction is so big. The REAL WINNERS from this are, just as you say, upper middle-class (and higher) people with large mortgages (i.e., in BLUE states). Let them sacrifice for once.”
Now you sound like a Liberal, that being said loopholes & deductions in the tax code are bad economic policy period.
“Now you sound like a Liberal, that being said loopholes & deductions in the tax code are bad economic policy period.”
Yes and no. If we punish the Blue State voters that got Obama re-elected, that will be sweet justice. The base of the Republican Party, like the man who I was replying to, get very little benefit from the Mortgage Debt Loophole, as they simply don’t make $200k per year, and generally have enough kids to knock their taxes way down without it.